https://www.taxtmi.com/caselaws?id=370197 The Tribunal upheld the CIT(A)'s decision to delete the long term capital gains addition under Section 50C for a charitable trust. The trust's property sale, approved by the Charity Commissioner, was valued lower than the market value, justifying the deletion. The Tribunal dismissed the Revenue's appeal, emphasizing the binding nature of the Commissioner's approval and rejecting arguments of Rule 46A violation. The assessee's cross objection, challenging Section 50C's applicability, was withdrawn post the Tribunal's decision on the Revenue's appeal, leading to its dismissal. en-us Fri, 16 Mar 2018 00:00:00 +0530 Tue, 13 Nov 2018 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370197 The Tribunal upheld the CIT(A)'s decision to delete the long term capital gains addition under Section 50C for a charitable trust. The trust's property sale, approved by the Charity Commissioner, was valued lower than the market value, justifying the deletion. The Tribunal dismissed the Revenue's appeal, emphasizing the binding nature of the Commissioner's approval and rejecting arguments of Rule 46A violation. The assessee's cross objection, challenging Section 50C's applicability, was withdrawn post the Tribunal's decision on the Revenue's appeal, leading to its dismissal. Case-Laws Income Tax Fri, 16 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370197